Cardano has experienced substantial downward pressure, with ADA falling by about 15% in the last month. This performance has resulted in many holders enduring unrealized losses, leading to potential selling pressure and further short-term declines.
Citing TradingView analyst Alan Santana, the article highlights that an estimated 80-90% of Cardano's price correction is complete. Despite ADA trading significantly below its 2024 highs, compared to other major cryptocurrencies, the suggestion is for holders to maintain their positions for the long term.
Santana proposes that while ADA may experience another slight dip, it is essentially in an accumulation zone, with a focus on the next major bullish market wave. His projection indicates gradual recovery starting November 2024, escalating into a significant upward move by March 2025.
This predicted rise could see ADA's price returning above $0.70, representing a 130% increase from current levels. As of now, ADA is trading at $0.3371, marking an increase of 1.25% in the past day.
